Big-picture rally targets at 36.450 and 37.870 remain valid, but more immediately, we should focus on the 35.440 target of the pattern shown. The futures have been struggling with its midpoint sibling at 34.625 since Friday, and although they traded briefly higher than that as the week drew to a close, the resistance was impeding buyers late Sunday night. There was a potential camouflage entry opportunity developing nonetheless that is also shown in the chart. If it hits 'x' after creating a single-bar 'C' on the 15-minute chart, my advice is to buy-stop your way aboard and take half the position off at the p midpoint. ______ UPDATE (10:59 a.m. EST): Close but no cigar. The futures shot up to 34.535 overnight, but it was off a double-bar point 'C' that was best avoided by camouflageurs. For now, the midpoint resistance at 34.625 remains the number for bulls to beat.
Monday, November 7, 2011
GCZ11 – December Gold (Last:1782.50)
– Posted in: Current Touts Free Rick's PicksA Hidden Pivot resistance at 1785.60 remains my minimum upside objective for the moment, but a close above it, as noted here earlier, would put the 1830.50 target of a larger pattern in play. Early Monday morning, the futures were nicely on track to continue higher, having pushed past the 1772.60 midpoint pivot of the pattern shown. It's 'D' sibling lies at 1795.30, at which point the round-number benchmark at 1800 should be magnetic. _______ UPDATE (11:29 a.m. EST): The 1785.60 target given above appears to have caught the top of a $30 rally within a single tick. The pullback from this morning's 1785.50 high has come down to 1781.60 so far. Someone in the chat room mentioned having gotten short at the top. If you did likewise, perhaps reversing a long position, I'd suggest taking a partial profit here and tying the rest of the position to an impulse-leg stop on the one-minute chart. At this precise moment, that would imply exiting at 1785.10.
Gold, Silver Looking Feisty
– Posted in: Free Rick's PicksGold and Silver were in healthy-looking uptrends early Monday morning, working on bullish ABC patterns of various degree. Night owls should check out the chart accompanying today's Silver tout, since it shows how a tradable camouflage pattern might develop in the wee hours.
ESZ11 – December Mini S&P (Last:1250.75)
– Posted in: Current Touts Rick's PicksThe 1305.25 target proffered here on Friday is still my minimum upside objective for the near term. Since that implies plenty of upside potential, I'll suggest that night owls attempt to leverage it with a tightly stopped bid at the 1241.00 midpoint support shown. If the futures should head higher straightaway, reaching the 1256.00 target of a lesser uptrend in progress when the music stopped on Friday, camouflageurs can use the small peak at 1254.25 recorded on Friday for a subtle way in. It can be found on the 3-minute chart at 8:48 a.m. Eastern Time. _______ UPDATE (10:42 a.m. EST): The futures topped precisely at th 1256.00 target noted above and are now on their way down to the 1242.25 midpoint support of the new pattern. Amidst today's muddled, pointless tedium, you can try bottom-fishing there either using camouflage or a bid with a three-tick stop-loss.
